Saudi, UAE See Sufficient Oil Supplies, Rising Stocks
(WorldNews France)

Oil supplies were sufficient and stockpiles were still rising despite massive output drops from Iran and Venezuela, said OPEC kingpin Saudi Arabia and key producer UAE on Sunday, as oil exporters met in Jeddah. Producer nations discussed how to stabilize a volatile oil market amid rising U.S.-Iran tensions in the Gulf, which threaten to disrupt global supply. But `we see that (oil) inventories are rising and supplies are plenty,` Saudi Energy Minister Khalid al-Falih told reporters at the start the meeting. `None of us wants to see the (oil) stocks swell again,` he added, with reference to a supply surplus that sent prices sharply lower in the second half of last year. `We have to be...